The Office for National Statistics (ONS) has warned on Thursday that UK gas prices have doubled in a week and they found that the System Average Price (SAP) of gas rose by 110% in the week to 6 November, compared to the previous week.
The official data is worrisome as this was the largest week-on-week rise seen this year. The ONS have looked at the average price of gas which has been traded through the market that is used by the National Grid.
Millions of households are being squeezed by the soaring energy and cost of living crisis with the price of heating up a home, using electricity during the winter months and paying for food.
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The owner of British Gas posted a record profit today as households are already stretched whilst the debate continues in the House of Commons over some form of windfall tax.
However, some of the heat has been taken out of the debate by some very mild autumn temperatures – reflected in a weak showing for Centrica’s British Gas retail business.
“Centrica is both a producer and supplier of energy and it’s on the production and marketing side that it is continuing to enjoy extremely strong profit – enabling it to lift guidance and unveil a buyback,” said AJ Bell’s Russ Mould.
“Centrica is concerned about the impact of some customers being unable to pay their bills and it is clearly aware of the reputational issues as it puts more money into a customer support fund.
“It may not feel like it just now with temperatures regularly in double digits nearly halfway into November, but winter is coming and the pressures are only going to get more acute.
“Centrica will be nervously awaiting the outcome of the Autumn Statement a week today where there may an extension of the existing windfall tax.”